Shell’s Oil Bet Just Won a Fresh Investor Test as Qatar Deal Extends Reach
Shell shareholders handed Chief Executive Wael Sawan a strong vote of confidence on Tuesday, rejecting a climate activist resolution by 86.99% to 13.01% and reappointing him with 98.86% support, Shell’s annual meeting results showed. Chairman Andrew Mackenzie won 94.08%, leaving the board with a clear mandate to keep pressing its oil-and-gas-heavy strategy. The timing matters. Brent crude fell $2.97 to $108.31 a barrel on Wednesday after comments from U.S. President Donald Trump pointed to a possible easing of the Iran conflict, but the price remained high enough to keep investors focused on cash generation at the large oil producers.